As far as I know, missiles can retarget using any onboard sensors. Any sensor. So a missile with an EM sensor, if it detects a hostile EM source within range when it can't find its primary target will retarget on that EM source.
So if you are launching a MASSIVE volley in order to get through AMM point defense, and don't want to overkill, you have missiles which will be able to retarget after the primary target is obliterated. And that requires missiles that can detect the enemy ships at 5 second flight time.
Mines, that is, long endurance multistage missiles need to have somewhat longer ranged sensors, to cover the estimate jump region around a jump point, +movement.
An important difference is that the mine can have the sensor on the 1st stage, and missiles that retarget need to have the sensor on the final stage.
There are several ways to use homing missiles:
Fire at a waypoint associated with a body. You can also do time on target so all the first stages arrive at the separation distance at the same time, so the 2nd stage homing missiles all arrive at the waypoint at the same time.
You can fire them conventionally in a large volley, so that you don't have wasted missiles. A minor nuisance is that you can't fire to cripple for the purpose of boarding with that kind of armament.
You can fire homing missiles offensively in a jump assault. You can build 'fighters' that are literally nothing but a single box launcher. No fire control. You order them to standard (not squadron) transit, and launch missiles. The homing missiles then take out anything sitting on top of the jump point, allowing the rest of the fleet to transit normally, without enemy beam ships sitting on top of them. That buys time for their systems to stabilize and fight a normal fight.
At high tech, the missiles are more expensive than the missile pod is. And because there are no real tech dependent systems, the missile pods never really go obsolete. The main cost for them is storing and transporting them.